Global Fiat Failure Will Push Countries into Bitcoin, Says Max Keiser
Bitcoin bull and Keiser Report host Max Keiser says countries will turn to bitcoin for relief amidst a general decline in global fiat.
Speaking in the most recent edition of Blockchain Interviews, Keiser predicted investors and global powers would turn to store-of-value assets in the event of fiat failure. The long-time bitcoin bull said the market for gold would fail to satisfy the appetite for investors, leading to significant spillover into BTC and crypto-assets.
You work through the numbers and there’s just not that much [gold] around. If you needed to buy 300 tons of gold you’re not going to find it, not at the current price. It’s going to be like ‘Okay I’ll sell you 300 tonnes of gold but I’m going to sell it to you at $25,000 an ounce, you can have all you want at $25,000.’
Keiser continued, saying central banks would turn to bitcoin and sovereign wealth funds for refuge. The Keiser Report host said central banks would come to recognize bitcoin’s proven security and “99.9% fail-proof” design as an attractive alternative to fiat.
You’ll see countries start to accumulate Bitcoin and start to mine for Bitcoin as well, and then they’ll start to subsidize the money they would be subsidizing the energy industry in and subsidizing that in the Bitcoin mining space. So then the game theory kicks in.
Keiser predicted countries would begin to “subsidize” bitcoin mining in order to maintain it’s security and competition, leading to a subsequent explosion in price to as high as $400,000.